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Click on the links below to jump to each section in this article: Medicare Premiums may Lead to Tax Savings Don't Wait Until the Last Minute to File Your Extended Return! An Employee Benefit with Possible Magnetic Power   Medicare Premiums may Lead to Tax Savings If you pay premiums for Medicare health insurance, you may be able to combine them with other qualifying expenses and claim them as an itemized deduction for medical expenses on your tax return. This includes amounts for “Medigap” insurance and Medicare Advantage plans, which cover some costs that Medicare Parts A and B don’t cover. Generally, you can deduct medical expenses only if you itemize deductions and only to the extent that total qualifying health care expenses exceeded 7.5% of your adjusted gross income. But, if...

Click on the links below to jump to each section in this article: Using an IRA Withdrawal for a Qualified Home Purchase Get a Jump on Tax Planning How to Deduct Business Travel   Using an IRA Withdrawal for a Qualified Home Purchase Purchasing a home is an expensive proposition that leaves many would-be buyers feeling cash strapped. If that’s you, you might be thinking about taking some money out of your traditional IRA to help fund the purchase. But should you? Afterall, a 10% penalty normally applies to IRA withdrawals before age 59 1/2. The good news is that there’s an exception to the penalty for certain home purchases, subject to a lifetime limit of $10,000. To qualify, you must be purchasing an eligible “first-time” principal residence for yourself, your spouse, your child,...